The loan was underwritten by City and HSBC and, as the mandated lead
arrangers and book runners, they opened the three facilities
underpinning the loan to syndication in January and Sibanye said on
Monday it was oversubscribed by $1bn.
Two of the three bridging facilities totalled $1.9bn and raised more than $3bn in the syndication process, Sibanye said.
"The syndication attracted strong interest from banks with existing
relationships with Sibanye, as well as a number of new international
banks, which we believe reflects confidence in Sibanye’s operational and
financial strategy," it said.
Included in the 16 banks were Absa, FirstRand, Standard Bank, Barclays, JP Morgan and Credit Suisse.
Sibanye must secure 75% approval from its shareholders at an
extraordinary general meeting in coming weeks for the transaction that
will give the gold and platinum miner it first offshore asset.
Sibanye CEO Neal Froneman has said he is confident the transaction
will close by June this year, giving Sibanye one of the world’s
lowest-cost platinum group metal (PGM) producers as well as a
mine-to-market operation and recycling facilities, leapfrogging it into
fourth place of global PGM producers ahead of Lonmin.
BDlive....
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